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XRP Buy Signal! Whales Acquire 590 Million Tokens
The cryptocurrency market has been observing a period of intense consolidation, with many assets stuck in a range-bound movement. However, amidst the uncertainty, Ripple’s native token XRP appears to have received a significant buy signal from crypto whales and long-term holders.
According to on-chain analytics firm Santiment, institutional investors and high-net-worth individuals have collectively acquired an astonishing 590 million XRP tokens, valued at approximately $1.29 billion. This substantial accumulation is seen as a clear indication of the market’s potential turnaround.
Despite the asset’s price remaining stagnant within its consolidation range, these whales’ actions are perceived as a strong vote of confidence in XRP’s long-term prospects. With this massive buying activity, the selling pressure has been noticeably reduced, hinting at an imminent rally.
A closer examination of the charts reveals that XRP is struggling to breach a bullish flag-and-pole pattern on its daily chart. However, if it manages to break above the $2.50 level and close above it, an astonishing 80% upside could be seen in the coming days, with prices potentially reaching the $4.50 level.
It’s also worth noting that the asset’s Relative Strength Index (RSI) currently sits at a relatively low 62, indicating there is still significant room for growth before entering the overbought zone. This development further strengthens the case for XRP investors to accumulate more tokens.
At press time, XRP trades near $2.41, having experienced a moderate decline of 0.52% in the past 24 hours. Interestingly, trading volume has increased by 5%, suggesting rising participation from traders and investors as they begin to take notice of this potential buy signal.
Given the sheer scale of the accumulation by these whales, it’s difficult not to be optimistic about XRP’s future trajectory. With such massive buying pressure exerted on the asset, it will be fascinating to observe how the market responds in the days ahead.
Will we see a decisive break above $2.50 and trigger this predicted rally? Only time will tell, but for now, the data suggests that XRP is poised for a significant move upwards.
Source: coinpedia.org
